Libya oil revenues up 24 percent in May despite armed conflict

Alwasat - Cairo Fri 28 Jun 2019, 11:48 AM
alwasat radio

Libya's state-owned National Oil Corporation (NOC) on Thursday said that the country's oil revenues have increased by 24 percent in May despite the ongoing armed conflict.

"National Oil Corporation (NOC) recorded an income of 2.3 billion U.S. dollars in May from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts, a monthly increase of approximately 448 million dollars," NOC said in a statement.

Sustained global oil prices and busy crude loading schedule in April helped the increase of the oil revenues, the statement explained.

"These figures showcase the importance of a unified oil sector and its contribution to the economy," said NOC Chairman Mustafa Sanalla.

"Any forced interruption of our work will undoubtedly impact our ability to maintain production and finance essential basic services. Despite repeated warnings, corporation facilities and operations are being directly targeted by conflict," the chairman added.

According to the World Health Organization, the fighting in and around Tripoli has so far killed 739 people and injured 4,407, including civilians.

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